This audio is auto-generated. Please let us know if you have feedback.
Dive Brief:
-
Bruce Nordstrom, grandson of the retailer’s founder and father of its top executives, died over the weekend. “It is with deep sadness we announce our dad, Bruce Nordstrom, 90, passed away comfortably at home on Saturday May 18th with his wife Jeannie by his side,” Pete and Erik Nordstrom said in an emailed statement.
-
In 1968, the three Nordstrom brothers who had taken over from their father, founder John Nordstrom, passed the baton to the third generation, including Bruce Nordstrom. Under his generation’s leadership, the company went public with stock ticker JWN and launched off-price Nordstrom Rack.
-
In 2006, Bruce Nordstrom retired from the board of directors, which he had once led as chair, after 40 years on the board.
Dive Insight:
Nordstrom had already grown from an early-20th century Seattle shoe store into a Pacific Coast fashion department store when Bruce Nordstrom and his generation took over. They then presided over its expansion into a national retailer known for its strong merchandising and customer service.
The founding family remained firmly in control of leadership even after its initial public offering, with Bruce’s sons eventually stepping in to co-lead the C-suite. (After the untimely death of Blake Nordstrom in 2019, the company differentiated Erik and Pete’s roles, naming Erik chief executive.) In recent years the Nordstroms have attempted to take the company back under private ownership, and last month the company said the family once again is working to that end.
Later in 2019, Nordstrom opened a flagship store in Manhattan, a longtime goal of Bruce Nordstrom.
“Dad first contemplated New York City when he was 35,” Erik Nordstrom told a press gathering when the store first opened. “He’s now 86.”
In an early episode of the Nordy Podcast, Pete Nordstrom, president and chief brand officer, and Erik discussed the similarities and differences between the leadership of their father’s generation and their own, noting that Bruce Nordstrom valued teamwork above all.
“Our dad will be remembered not only for his significant contributions to Nordstrom but also for his unwavering dedication to his family and friends,” they said in their statement Monday. “His passion, integrity and tireless work ethic served as an inspiration to everyone around him.”
via https://www.aiupnow.com
Daphne Howland, Khareem Sudlow
